Memorial Day is a United States federal holiday observed on the last Monday of May. Formerly known as Decoration Day, which was first recorded to have been observed by Freedmen (freed enslaved southern blacks) in Charleston, South Carolina in 1865, at the Washington Race Course, to remember the fallen Union soldiers of the Civil War. The recognition of the fallen victims was then enacted under the name Memorial Day by an organization of Union veterans — the Grand Army of the Republic (GAR) — to honor Union soldiers of the American Civil War. Over time, it was extended after World War I to honor all Americans who have died in all wars. Now known as Memorial Day, it is a day of remembering the men and women who died while serving in the United States Armed Forces.
http://en.wikipedia.org/wiki/Memorial_Day